Fluid power equipment refers to the use of fluids (liquid or gas) to transmit power from one location to another. The fluid power equipment can be divided into two types- hydraulic and pneumatic. A hydraulic system uses liquid (usually oil) to transmit power whereas a pneumatic system uses gas (usually compressed air) to transmit power. The fluid power equipment has few advantages over electrical and mechanical. The fluid power systems can easily produce linear motion using hydraulic or pneumatic cylinders whereas electrical and mechanical methods require mechanical device to convert rotational motion into linear motion.
The global Fluid Power Equipment Market is Projected to reach USD 28.6 billion by 2024, with a 6.05 % CAGR during the period, 2019–2024. The key factors driving the global fluid power equipment market are the growing demand from the food & beverage industry globally and the rising need for water and wastewater infrastructure in Asia-Pacific. According to the Government of India, in December 2018, a sewage treatment plant was inaugurated in the Indian city of Cuttack, Odisha, in collaboration with Japan International Cooperation Agency, Tokyo. This plant requires the use of fluid power equipment such as pumps, motors, and valves for fluid transfer, thereby driving the global fluid power equipment market. Moreover, the rising demand for construction equipment in the infrastructure projects is expected to create lucrative business opportunities for players operating in the global fluid power equipment market. However, the factors such as the high cost and complex functionality of these fluid power equipment can act as a restraint for the global fluid power equipment market.
The global fluid power equipment market has been segmented based on type, component, and application. On the basis of type, the global market is divided into hydraulic and pneumatic. In 2018, the hydraulic sub-segment led the market and held the largest market share. Based on application, the type segment is further sub-segmented into industrial and mobile. The mobile sub-segment of the global fluid power equipment market is estimated to register the highest growth rate during the forecast period. On the basis of component, the global fluid power equipment market has been segmented into pumps, motors, valves, cylinder, steel tube and compression fitting, accumulators, and accessories. The motors sub-segment is expected to dominate the fluid power equipment market during the forecast period. On the basis of application, the global market is segmented into construction, automotive, oil & gas, food processing, packaging, semiconductor, and others. Within the application segment, the construction sub-segment is expected to hold the maximum share of the market during the forecast period.
On the basis of region, the global fluid power equipment market is segmented as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific held the largest share in the global fluid power equipment market due to the growing investment in construction activities in emerging nations, such as India and China. China is expected to account for the largest share of the regional market and India is expected to be the fastest growing country in the region. For instance, according to the India’s National Mining Association, in 2017, the processed minerals used in the industries, including construction, manufacturing and agriculture were worth USD 630 billion. The primary application area of the fluid power equipment in these sectors is fluid transfer. Such factors are likely to drive the fluid power equipment market in the Asia-Pacific.
The key players operating in the global fluid power equipment market are Bosch Rexroth (Germany), Eaton Corporation Plc (Ireland), Parker Hannifin (US), Kawasaki (Japan), Fluid-Power Equipment, Inc. (US), Sparrows Group (UK), Fluid Systems, Inc. (US), HAWE (Germany), Hydac (Germany), Moog, Inc. (US), Bucker Hydraulics (Germany), Daikin (Japan), Concentric (Sweden), Casappa (Italy), Related Fluid Power Ltd (UK), and Kent Fluid Power Ltd (US).
The intended audience of Global Fluid Power Equipment market are:
- Fluid power equipment manufacturers and distributors
- Power generation companies
- Environmental research institutes
- Manufacturing industry
- Construction sector
- Government and research organizations
- Consulting companies in the power sector
- Investors and shareholders